Stocks inch up as individuals opt in for tax benefits
The media reports on the continuation of the special facility to whiten black money in the Finance Bill 2021 may positively impact the market ahead
Following two consecutive sessions of profit-booking, Dhaka and Chittagong stock exchanges closed in green for the second consecutive day on Wednesday.
Indices opened higher in the morning, mainly due to the fresh investment appetite from the taxpayer individuals who would get some rebate against their money being parked into the listed shares at the eleventh hour of the outgoing fiscal year, the EBL securities wrote to their clients in the daily market commentary.
Besides, the media reports on the continuation of the special facility to whiten black money in the Finance Bill 2021 may positively impact the market ahead, said the analysts of the top-tier brokerage firm.
Keep updated, follow The Business Standard's Google news channel
DSEX, the broad-based index at the Dhaka Stock Exchange (DSE), jumped by 48 points to above 6,070 within the first half an hour of trading.
However, profit-bookers seemed to be still active and the battle finally ended in a win-win as indices closed the session at 6,051, the middle zone of the intraday range.
However, blue-chip or Shariah indices lagged behind the broad based index in terms of percentage gain.
The DSEX gained 0.49%, the DS30 gained 0.29% and the Shariah index DSES gained 0.36% on Wednesday.
This is mainly because of investors' recent common rush for non-blue chip stocks which are moving faster.
The EBL analysts said, "Buy dominance regained on selective issues while most of the investors rushed to get a hold on the hyped-up insurance stocks on the bourse today (Wednesday)."
In aggregate, the DSE turnover was Tk2,109 crore which was 3.79% higher than that on Tuesday.
Most of the sectors observed mixed performance, out of which Life Insurance (4.0%), the Services (3.9%), and Cement (2.1%) generated the highest return while IT (-1.1%), Jute (-0.8%), and the Financial Institutions (-0.6%) exerted the most correction yesterday.
The General Insurance sector contributed 25.26%, which was the maximum, to the daily turnover at the DSE, while the Engineering, and the Miscellaneous sectors followed it.
Out of the 372 issues traded in the DSE, 182 advanced, 156 declined, and 34 remained unchanged.
The port city bourse Chittagong Stock Exchange (CSE) also ended in the green terrain.
